1. Open

Arguably the most important feature of a blockchain; an open system means that anyone can access and transact in the network without needing an authorization, vetting or having anyone checking their ID, or ethnic origin.
In an open blockchain, users can join the system simply downloading the software. Funny enough, you do not even need to be human, as even softwares can use a blockchain. This is very much different from the way current systems function, as they are not open: in order to use the system you have to be authorized by the central authorities operating it — be it a bank, or Paypal. Furthermore, closed systems do not allow the possibility to develop new applications on top of them. If I have a great idea I will have to build a completely new payment network to run it, as it will be impossible for me to build on top of Paypal. Their system is closed and it only allows innovations coming from inside the company, thus limiting innovation. On the other hand, anyone can write applications on top of an open blockchain, even though they might change its inherent characteristics. In fact, you cannot be prevented from accessing the platform, as it is “unclosable”. People can then create new apps on top of it and so and so, creating a vicious cycle of innovation. A prime example of this is what happened with the Internet.

2. Borderless

A blockchain is borderless when it is a truly international network, with no national boundaries. It is not sensitive to where you live or where you are traveling and not subject to local commissions or fees of any kind. All of our laws and customs regulating the movement of money are based on the idea that money is physically present somewhere. What if money is actually everywhere? Since it became digital, money has evolved and became information — nowadays, it has no physical form and presence — reducing the costs typically associated with physical money. This is reflected in the nature of borderless blockchains. They have no physical presence in one country nor can be restricted within national boundaries.

3. Neutral

A system of money should not care who the sender or recipient of a transaction is or what the purpose of a transaction is. It should only be concerned about getting the operation done correctly. Historically, we could exchange cash with each other without having intermediaries. This has muted with the advent of digital payments, where our system has eventually become managed by third parties. A neutral blockchain should not serve the goals of any organization or institution but only follow the rules of the network. As a result, there should not be such thing as a good or bad transaction, an authorized or non-authorized transaction. In a neutral blockchain, there are only valid or invalid transactions, based on the consensus rules laid out in the algorithm.

4. Censorship-resistant

In order for the system to be open, neutral and borderless it must be able to defend these properties by making it impossible for any actors to censor it. This means that in a censorship-resistant blockchain, transactions cannot be reversed. It is unfeasible for any actor to prevent another from transacting.
Too often, we have seen the same actors managing our current financial system abusing their power and shifting the purpose of money from a tool to facilitate the exchange of value, to a system of politics, war and control. If any entity can decide to reverse a transaction the system is broken and eventually ends up being corrupted.

5. Public

Last but not least, the system should be public. On a public blockchain all transactions are verified and visible to the whole network, so that cheating becomes impossible. This is guaranteed by the fact that the software can check whether a transaction has happened or not and whether it is valid. In addition, a public system is also transparent and fully audible. Information is distributed as thin as possible and all actors can verify its validity, according to the rules of the network. Furthermore, no one is in charge of the network and participants do not have to trust any third party.